AUD/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the four-chart the AUD/JPY currency pair is trading within the upward channel, here it formed a reversal double top pattern, which implies that the pair will fail eventually and will develop back to the south. Such a scenario is shared by 1H and 4H technical indicators, which foresee a breach of the Nov 24 low, namely the pattern's horizontal trend-line. Moreover, AUD/JPY is significantly overbought as 75% of all trades are long for the moment. All in all, a consolidation below 88.25 (weekly PP, daily S1, 200-hour SMA) will allow for losses to extend down to 87.52 in the medium term. However, daily indicators are strongly bullish and they are building the case for a possible recovery next week.
© Dukascopy Bank SA
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